There is a formula that you must follow if you want to perform, having a realtor who knows the market inside and out and practices what they preach is an absolute necessity. 

The big wholesaling operations are all licensed-up and I think eventually that will be more of a necessity.

We built it out of necessity and started same way as everyone, cut our teeth on bad decisions.

I think it is an absolute necessity for out of state investors and a great way to build relationships as well.  

Quote from @JD Martin: I can't speak to rates - I think eventually they come down out of sheer necessity - but as far as the economy we must be living in an insulated bubble up here in Northeast Tennessee; no one has bothered telling us the economy is bad.

We segregated them from any degree of competition, failure or necessity to conform to any standard.

If you are doing multiple renters to one shared roof, then do yourself, your investing dreams, and your renters a MASSIVE FAVOR by learning & implementing coliving property management.  There is almost no unders...

I need help finding statistics of appreciation, population growth, job growth.California of course has great appreciation and limited competition growth with high house prices making renting almost a necessity but I worry with more people leaving California then coming in this year that Phoenix might be a better investment in terms of long term growth.

Plus, they handle online rent collection (a necessity if you don't have a property manager!)

Its pretty much a necessity as the loans are so large on average compared to other areas of the country..